NBA’s Los Angeles Lakers to be sold for $12.5bn to Kushner and Iger

LOS ANGELES, United States: The Los Angeles Lakers, one of the most successful teams in NBA history, are being sold to former Disney CEO Bob Iger and investor Joshua Kushner in a deal valued at $12.5 billion, ESPN reported Wednesday.
The sale, which would mark a record-breaking valuation for a North American sports franchise, comes only about a year after billionaire Mark Walter agreed to buy a controlling interest in the team in a then-record $10 billion deal.
Kushner is the brother of Jared Kushner, US President Donald Trump’s son-in-law.
“As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world,” Kushner and Iger said in a statement to ESPN.
“We have immense respect for the leadership and vision of Jerry and Jeanie Buss. Our long-term commitment is to build on that foundation, compete at the highest level, and serve this extraordinary team, its fans and the city of Los Angeles.”
Walter’s purchase, reported in June last year, ended the Buss family’s 46-year reign over the NBA giants.
The Lakers have won 17 NBA championships, second only to the Boston Celtics.
The team has been home to some of the league’s biggest superstars including Kareem Abdul-Jabbar, Shaquille O’Neal and the late Kobe Bryant.
LeBron James, the NBA all-time scoring leader, just left the squad for the Philadelphia 76ers after spending eight years and winning one title with the Lakers.
The team is now moving forward with a lineup spearheaded by Slovenian superstar Luka Doncic.

Sale requires NBA approval 

The sale still requires approval from the NBA’s board of governors.
Jeanie Buss had continued to serve as the Lakers’ governor after the club